Common use of ASSIGNMENT OF PARTICIPATING INTEREST Clause in Contracts

ASSIGNMENT OF PARTICIPATING INTEREST. 28.1 Subject to the terms of this Article and other terms of this Contract, any Party comprising the Contractor may assign, or transfer, a part or all of its Participating Interest, with the prior written consent of the Government, which consent shall not be unreasonably withheld, provided that the Government is satisfied that: (a) the prospective assignee or transferee is of good standing, has the capacity and ability to meet its obligations hereunder, and is willing to provide an unconditional undertaking to the Government to assume its Participating Interest share of obligations and to provide guarantees in respect thereof as provided in the Contract; (b) the prospective assignee or transferee is not a company incorporated in a country with which the Government, for policy reasons, has restricted trade or business; (c) the prospective assignor or transferor and assignee or transferee respectively are willing t o comply with any reasonable conditions of the Government as may be necessary in the circumstances with a view to ensuring performance under the Contract; and (d) the assignment or transfer will not adversely affect the performance or obligations under this Contract or be contrary to the interests of India. (e) the prospective assignor or transferor of small size onland block having Contract Area less than 200 xx.xx has completed the Minimum Work Programme committed under first Exploration Phase as specified in Article 5.2 and 5.2.1.

ASSIGNMENT OF PARTICIPATING INTEREST. 28.1 Subject to the terms of this Article and other terms of this Contract, any Party comprising the Contractor may assign, or transfer, a part or all of its Participating Interest, with the prior written consent of the Government, which consent shall not be unreasonably withheld, provided that the Government is satisfied that: (a) the prospective assignee or transferee is of good standing, has the capacity and ability to meet its obligations hereunder, and is willing to provide an unconditional undertaking to the Government to assume its Participating Interest share of obligations and to provide guarantees in respect thereof as provided in the Contract; (b) the prospective assignee or transferee is not a company incorporated in a country with which the Government, for policy reasons, has restricted trade or business; (c) the prospective assignor or transferor and assignee or transferee respectively are willing t o to comply with any reasonable conditions of the Government as may be necessary in the circumstances with a view to ensuring performance under the Contract; and; (d) the assignment or transfer will not adversely affect the performance or obligations under this Contract or be contrary to the interests of India.; and (e) the prospective assignor or transferor of small size onland block having Contract Area less than 200 xx.xx xx.xx. has completed the Minimum Work Programme committed under first Initial Exploration Phase Period as specified in Article 5.2 and 5.2.1.

ASSIGNMENT OF PARTICIPATING INTEREST. 28.1 Subject to the terms of this Article and other terms of this Contract, any Party comprising the Contractor may assign, or transfer, a part or all of its Participating Interest, with the prior written consent of the Government, which consent shall not be unreasonably withheld, provided that the Government is satisfied that: (a) the prospective assignee or transferee is of good standing, has the capacity and ability to meet its obligations hereunder, and is willing to provide an unconditional undertaking to the Government to assume its Participating Interest share of obligations and to provide guarantees in respect thereof as provided in the Contract; (b) the prospective assignee or transferee is not a company incorporated in a country with which the Government, for policy reasons, has restricted trade or business; (c) the prospective assignor or transferor and assignee or transferee respectively are willing t o to comply with any reasonable conditions of the Government as may be necessary in the circumstances with a view to ensuring performance under the Contract; and; (d) the assignment or transfer will not adversely affect the performance or obligations under this Contract or be contrary to the interests of India. (e) the prospective assignor or transferor of small size onland block having Contract Area less than 200 xx.xx Sq. Km has completed the Minimum Work Programme committed under first Initial Exploration Phase Period as specified in Article 5.2 and 5.2.1.